Ch18 Terminology Flashcards
Acceptance
Assents to the terms of the offer
Avoid
to annul, cancel, or make void. to get out a voidable contract; repudiate
Bargain
agreement
Bilateral Contract
a contract containing two promises, one made by each party
Capacity
legal competency
Click-wrap Agreement
an advertising contract online in which the offered enters into a contract by clicking on a dialog box on an internet website
Condition Precedent
an event that must first occur before an agreement or deed or will becomes effective
Contract
any agreement that is enforceable in a court of law
Contract Implied In Fact
a contract imposed by law to prevent unjust enrichment
Counteroffer
a response to an offer in which the terms of the original offer are changed
Disaffirm
to get out of a voidable contract; repudiate
E-contract
contracts entered into over the internet, including licenses to use software
Executed
carried out or performed
Executory
that which is yet to be executed or performed
Express Contract
a contract in which the terms are stated or expressed by the parties
Implied Contract
a contract in which the terms are not stated or expressed b the parties
Infant
the legal name for a minor
Invitation to Deal/Invitation to Negotiate
a request to an individual or to the public to make an offer.
Majority
full age; adulthood
Minor
a person under the age of majority; usually under 18
Necessaries
food, clothing, shelter, and medical care that are needed by an infant, but not supplied by a parent or guardian
Nullity
nothing; as though it had not occurred
Offer
a proposal made by an offeror
Offeree
one to whom an offer is made
Offeror
one who makes an offer
Quasi
as if; almost as it were
Quasi Contract
a contract imposed by law to prevent unjust enrichment.
Ratify
approve; confirm
Rejection
the refusal by an offeree of an offer
Restitution
restoration made to an injured person to his or her original position prior to a loss
Revocation
the act of revoking; the taking back of an offer by an offeror before it has been accepted
Unenforceable Contract
a contract that cannot be enforced for some legal reason
Unilateral Contract
a contract containing one promise in exchange for an act
Unjust Enrichment
the situation that occurs when one person retains money, property, or other benefit that in equity and justice belongs to another
Valid
good; having legal effect
Void
not good; having no legal effect
Voidable
capable of being disaffirmed or voided
